Sub2 in general works best with pretty, low equity houses where the owner has become a sudden seller.

Since I've never lived in my rental houses (and I'm paying abnormally low electrical rates when these are empty...just to keep the frig going, air when showing a place, a few lights, etc.)

@Kay Ferdous The insurance figure seems to be a bit low.

This house is absolutely the ugliest house in the neighborhood and is ripe for an investor.

I can purchase it on cash basics but I don't want to loose this property if I bid to low .

Im really not a fan of your plan, are you unable to borrow at a bank, the Commercial lender at a small community bank generally can close fast and at a low cost, I can do 6 mo ir 1 year Interest only at 4.5% on a 20 year amm, i need 20% down and fund fix up, but they would also do a loan based on ARV, and you put 20% of ARV down an they fund purchase and fix up.   

Absolutely top notch guys, they get deals done, and are aggressive and flexible.

All of our properties are fully renovated, including upgraded electrical, plumbing, water and heat, to ensure low cost on future maintenance.

I've also read Brandon's book "investing in real estate with no or low money down" and his investing for beginners books a couple times.

Absolutely, properly identifying the market and proper comps is key to establishing current rents and future rents.